By Anthony O. Goriainoff

 

Rio Tinto PLC said Tuesday that it has committed $2.4 billion to the Jadar lithium project in Serbia which remains subject to the granting of relevant approvals, permits and licenses.

The London- and Australia-listed mining company said the project would scale up its exposure to battery materials, and demonstrate its commitment to investing capital to further strengthen its portfolio for the global energy transition.

"Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines," the company said.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

July 27, 2021 13:25 ET (17:25 GMT)

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